Sunday, November 14, 2010

How do I establish good credit if I have none?

I'm a student about to graduate from NYU - I've applied for credit cards with or without my parents as co-signers and still no luck. I have a job and am trying to get an apartment but no one will take me unless I have good credit. What credit cards (preferably no fee) will accept me? My parents are available as co-signers with fair credit.How do I establish good credit if I have none?
Go into or call a bank and let them know your situation. Tell them that you don't have bad credit, but rather a lack of credit. Ask them if they'd be willing to extend you a small line of credit ($300-$500) to enable you to start building a credit history. It would help if you have a relationship with that bank (a checking or savings account there).

I work for a bank and we're usually willing to do this.How do I establish good credit if I have none?
Usually students are inundated with credit card offers so maybe something is wrong. Get a copy of your credit report to start with and see if there are any errors. If your parents can cosign you should have no trouble.

Check out this resource and forum-

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Seriously if your graduating out of NYU it should be enough sense to you NOT to have a co-signer at your age anymore. You need to establish something yourself. I am assuming your going for top of the line credit cards for people with good credit scores already when you have nothing right now.

In college, is when you co-sign something with your parents and unfortunately you couldn't get anything because the companies would for whatever reason not approve you. But now that your probably at age 22-24 you really need to establish something yourself. Try CapitalOne credit cards. My boyfriend got instantly approved with them, his interest rate isn't bad at all for a beginner with a credit card and he is learning very quickly how efficient but also dangerous credit cards can really be.

But remember... these credit companies are not ONLY looking at a credit score. They look at your job, your amount of pay and if you will be a risky situation to their company as a whole or if you will be adequate to pay a balance on a card.

Here is what I am going to recommend if CapitalOne does NOT approve you. Request a credit score from one of the 3 credit bureaus transunion, equifax, and experiean. This will give you an opportunity to see what the credit card companies are looking at. Loans will be on there, credit, checking, you know things of that sort. After you do that... go to a store, a gas station, something small and start off with a revolving credit card in a store like Macy's or wherever you might shop and can build up a small credit card and get a good credit score. Good-Luck!!
You can get credit cards even if you have no credit history or bad credit.

Go and search at Yahoo or Google:

Search for:

Orchard Bank MasterCard

Imagine Gold MasterCard

First PREMIER Classic Card

New Millennium Bank Visa
Your best bet is to get a secured credit card. You will need a security deposit equal to your credit line, but it will be well worth it to establish your credit score. These secured credit cards almost have 100% approval rate as there is almost no risk to the lender. Below is a source listed with a list of secured credit card summaries.
get a credit card

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